If you’re running your wholesale business without wholesale inventory software you will be experiencing multiple inefficiencies within your business that are impacting your bottom line. Keeping track of your stock is integral to your business success and trying to achieve this without wholesale inventory software will not only be inefficient but also often inaccurate.
If this sounds like your business, then it’s time to start researching your options for wholesale inventory software and finding the right solution. Your specific requirements will be unique to your business however there are some over-arching features that will add value to wholesale inventory software and ultimately grow your business. These are landed cost tracking, barcode scanning, lot tracking and sales applications.
Landed Cost Tracking
The landed cost refers to the total cost of a product (or piece of inventory) including the purchase price, transport and import. This can include costs such as duties, taxes, insurance and so on. Wholesale inventory software that manages landed cost will automatically account for and reconcile these expenses to give a true and accurate representation of the cost of goods.
Barcode Scanning
Fairly self-explanatory but barcode scanning will automate your picking, packing, scanning and receiving operations. The technology has been present for a number of years but now with the smart phone in everyday use, for smaller businesses has become significantly more affordable and accessible. It means that business now no longer need to invest in the high cost of barcode scanning equipment. So that smaller businesses can achieve efficient and paperless warehouse operations.
Sales Applications
A successful business will provide its sales team with the tools they need to do their job effectively. Inventory tracking software that gives your sales team the information they need to build trust with your end customers is crucial. Sales rep applications that can be included in wholesale inventory software to deliver this include CRM features that allow your sales team to record end customer communication, invoices, quotes and more. Such features are intended to build and maintain good customer relationships.
Lot tracking
Lot tracking refers to inventory tracking software that has the ability to accurately track product lots along the entire supply chain. This isn’t necessary for all wholesale businesses but when required, it enables users to keep track of which customers received specific shipments of products and the date it was received. This is essential for business that deal in perishable, sensitive or potentially harmful goods.
The implementation of inventory tracking software is a big step for a wholesale businesses looking to streamline operations, improve efficiencies and grow their business.
